This Macro Voices episode features an interview with Guy Keller, manager of the Tribeca Nuclear Energy Opportunity Fund, discussing the uranium market. The conversation analyzes the discrepancy between soaring enriched uranium prices and stagnant yellowcake uranium prices, attributing it to capacity constraints in conversion and enrichment, and the impact of US-Russia sanctions. Keller predicts increased involvement of tech companies in the nuclear fuel cycle, driven by the need to secure energy supplies for data centers and other large-scale projects. He also discusses the potential for increased uranium production in Australia if mining restrictions are lifted, highlighting the long lead times in the nuclear fuel cycle and the lack of liquidity in the uranium futures market. The episode concludes with market analysis of equities, the US dollar, oil, gold, and copper.
